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REGISTERED NUMBER: 11528212 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Francis & Francis Holdings Limited

Francis & Francis Holdings Limited (Registered number: 11528212)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Francis & Francis Holdings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: R F O'Hara
B Rutter
Mrs L Rutter
Mrs M Harrison





REGISTERED OFFICE: Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA





REGISTERED NUMBER: 11528212 (England and Wales)

Francis & Francis Holdings Limited (Registered number: 11528212)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,170,983 1,170,983
Investments 6 220 220
1,171,203 1,171,203

CURRENT ASSETS
Debtors 7 7,500 9,975
Cash at bank 46,004 21,250
53,504 31,225
CREDITORS
Amounts falling due within one year 8 377,605 369,094
NET CURRENT LIABILITIES (324,101 ) (337,869 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

847,102

833,334

CREDITORS
Amounts falling due after more than one
year

9

635,519

686,951
NET ASSETS 211,583 146,383

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 211,383 146,183
211,583 146,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Francis & Francis Holdings Limited (Registered number: 11528212)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:




B Rutter - Director



R F O'Hara - Director


Francis & Francis Holdings Limited (Registered number: 11528212)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Francis & Francis Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements are prepared on a going concern basis.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The Company has adopted Section 1A of FRS 102 in these financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Francis & Francis Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable in respect of rent and recharged property expenses from commercial property situated in the United Kingdom.

The Company recognises revenue when the following conditions are satisfied:
i. the amount of revenue can be measured reliably;
ii. it is probable that the economic benefits associated with the transaction can be measured reliably.

Where payments are received from tenants in advance of the relevant rent period, the amounts are recorded as deferred income and included as part of creditors due within one year. Where money is owed by tenants, the amounts are recorded as debtors due within one year.

Dividend income is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write each asset down to its residual value over its estimated useful economic life:

Freehold property - 2% on a straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Francis & Francis Holdings Limited (Registered number: 11528212)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Francis & Francis Holdings Limited (Registered number: 11528212)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current and deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Distribution to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of income and retained earnings

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 July 2022
and 30 June 2023 1,241,241
DEPRECIATION
At 1 July 2022
and 30 June 2023 70,258
NET BOOK VALUE
At 30 June 2023 1,170,983
At 30 June 2022 1,170,983

Francis & Francis Holdings Limited (Registered number: 11528212)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 220
NET BOOK VALUE
At 30 June 2023 220
At 30 June 2022 220

The company's investments at the Balance Sheet date in the share capital of companies include the following:

C4S Search Limited
Registered office: Hermes House, Fire Fly Avenue, Swindon, Wiltshire, England, SN2 2GA
Nature of business: Recruitment agency
%
Class of shares: holding
Ordinary 100.00
Ordinary 'B' 100.00

Bond Global Solution Ltd
Registered office: Hermes House, Fire Fly Avenue, Swindon, Wiltshire, England, SN2 2GA
Nature of business: Recruitment agency
%
Class of shares: holding
Ordinary 100.00

Zero Global Solutions Ltd
Registered office: Hermes House, Fire Fly Avenue, Swindon, Wiltshire, England, SN2 2GA
Nature of business: Recruitment agency
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 6,003
Amounts owed by group undertakings 3,673 110
Prepayments and accrued income 3,827 3,862
7,500 9,975

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 51,433 49,280
Trade creditors 1,846 -
Amounts owed to group undertakings 302,454 297,123
Tax 16,809 12,660
Social security and other taxes 2,048 8,474
Accrued expenses 3,015 1,557
377,605 369,094

Francis & Francis Holdings Limited (Registered number: 11528212)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans due in 1-2 years 53,679 51,432
Bank loans due in 2-5 years 175,515 168,171
Bank loans due in more than 5 years 406,325 467,348
635,519 686,951

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years 406,325 467,348

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 686,952 736,231

The loan is secured by a fixed and floating charge over all the assets of the company.